The Supreme Court, on Friday, nullified the ban on use of the old N200, N500 and N1000 banknotes as legal tenders.
The apex court, in a unanimous decision by a seven-member panel of Justices, held that the old banknotes should remain valid legal tenders until December 31.
It held that the old Naira notes should be used alongside the redesigned currencies.
It faulted President Muhammadu Buhari for introducing the demonization policy, without due consultation with the Council of States, the Federal Executive Council, the Civil Society and other relevant stakeholders.
In the lead judgement that was delivered by Justice Emmanuel Agim, the apex court accused President Buhari of disobeying its interim order that halted the full implementation of the new monetary policy.
The apex court said the defendants (CBN And Federal Government) doesn’t deserve to be heard because it has refused to obey the orders of this Honourable Court. “The disobedience of the orders of the Court is a sign of the failure of rule of law. This suit has merits.”
The court also held that the demonetisation policy is inconsistent with the CBN Act and that the President cannot make a unilateral policy without carrying the Plaintiffs (state Governors) along.
Continuing, the Supreme Court said that in implementing the policy, the president is under an obligation to carry the national council of states along and that the policy has impeded the functions of state governments.
It also said that the directive of the president is illegal.